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Insurance Europe understands that ESMA proposes to receive notifications from national authorities regarding exemptions from central clearing only after the first central counterparty is authorised, probably in March 2014.
Insurance Europe is concerned that delays mean that companies will not know whether they are exempted until just before the deadline for central clearing. The uncertainty could force them to set up two derivatives management processes: one assuming they will be approved and the other in case they are not. This will create unnecessary additional costs for providers of retirement products and their policyholders.